First time buyers of Chandler Homes usually feel a sense of excitement and worry when they are shopping for the perfect property. Troy Reeves from the Troy Reeves Team advises first time buyers to consider the financial aspect of buying a home first before starting their home search. Knowing what you qualify for and what’s the maximum amount you can afford will help you narrow down your search.
Consult with a Lender First About Loans for Chandler Homes
Before looking for Chandler Homes for sale, it’s best to know what your financial options are first. Your qualifying status will depend on your personal financial factors. When you are being considered for a loan, the lender will look at your employment status, income level, credit score, debt, down payment amount, and even the house itself – Chandler Homes in areas with a higher foreclosure rates are usually more difficult to get a loan for.
Make Sure Your Payments for Chandler Homes Are Manageable
Your home payment is something that shouldn’t break you every month! Unofficially, your housing should not account for more than 30% of your total income, but that can change from person to person. If someone also has a lot of personal debt, their Chandler Homes mortgage payments may need to be less. Most financial advisors recommend that your total monthly debt, including house payments, should not account for any more than 36% of your income.
Be Realistic with Down Payments on Chandler Homes
Most loans for Chandler Homes require a much higher percentage down now than they would back in 2006. New Chandler Homes were once being sold with a minimal down payment of 13% or less – that has changed significantly with the banks still carrying apprehension about mortgages, especially with first time buyers. When buying Chandler Homes, it is important to plan on putting up a down payment of at least 20%. On Chandler Homes that cost $100,000, a down payment of $20,000 would be required with most lenders. If you do not have access to that kind of cash, don’t worry, most people don’t. Many people sell one of their cars, ask for gifts from relatives, or use their tax refunds to supplement funds for their down payment.
“by Troy Reeves” at Google